Marriott’s is a counterbid; it follows news last week that Beijing-based Anbang Insurance Group – which recently bought 16 hotels from the Blackstone Group, and owns the Waldorf Astoria hotel – had offered $13.2 billion, or $78 per square, a billion higher than the figure Marriott and Starwood agreed to in November, and about $370 million above its own bid earlier in the week.

Under the new deal, Starwood’s shareholders will get $21 in cash and 0.8 shares of Marriott for every Starwood share they own, valued at Friday’s closing price of $79.53. After the merger, Starwood’s shareholders will own about a third of the combined entity, which will be the world’s largest hotel chain.